Invenomic Capital Management LP Invests $7.01 Million in Avista Corporation $AVA

Invenomic Capital Management LP acquired a new stake in shares of Avista Corporation (NYSE:AVA) during the third quarter, HoldingsChannel reports. The fund acquired 185,510 shares of the utilities provider’s stock, valued at approximately $7,014,000.

Other large investors also recently bought and sold shares of the company. Brevan Howard Capital Management LP lifted its holdings in Avista by 97.3% during the third quarter. Brevan Howard Capital Management LP now owns 60,335 shares of the utilities provider’s stock worth $2,281,000 after buying an additional 29,749 shares during the period. CSM Advisors LLC increased its holdings in shares of Avista by 10.0% in the 3rd quarter. CSM Advisors LLC now owns 106,332 shares of the utilities provider’s stock valued at $4,019,000 after acquiring an additional 9,630 shares during the period. Aquatic Capital Management LLC bought a new position in shares of Avista in the 3rd quarter worth $43,000. Algert Global LLC raised its position in shares of Avista by 19.7% in the 3rd quarter. Algert Global LLC now owns 366,700 shares of the utilities provider’s stock worth $13,865,000 after acquiring an additional 60,309 shares in the last quarter. Finally, Creative Planning boosted its position in Avista by 29.1% during the third quarter. Creative Planning now owns 18,820 shares of the utilities provider’s stock valued at $712,000 after purchasing an additional 4,238 shares in the last quarter. Institutional investors own 85.24% of the company’s stock.

Avista Price Performance

Shares of AVA opened at $39.85 on Monday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.83 and a quick ratio of 0.56. The company’s fifty day moving average price is $40.65 and its 200-day moving average price is $39.20. Avista Corporation has a 1-year low of $35.50 and a 1-year high of $43.50. The firm has a market capitalization of $3.28 billion, a PE ratio of 16.74, a price-to-earnings-growth ratio of 2.16 and a beta of 0.28.

Avista (NYSE:AVA) last issued its earnings results on Saturday, January 31st. The utilities provider reported $0.88 earnings per share (EPS) for the quarter. Avista had a return on equity of 7.29% and a net margin of 9.83%. On average, equities research analysts predict that Avista Corporation will post 2.3 EPS for the current year.

Avista Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Wednesday, February 25th were paid a $0.4925 dividend. The ex-dividend date was Wednesday, February 25th. This is a positive change from Avista’s previous quarterly dividend of $0.49. This represents a $1.97 annualized dividend and a dividend yield of 4.9%. Avista’s dividend payout ratio (DPR) is 82.77%.

Insider Transactions at Avista

In other Avista news, SVP Bryan Alden Cox sold 1,768 shares of the firm’s stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $40.18, for a total transaction of $71,038.24. Following the completion of the transaction, the senior vice president directly owned 8,401 shares of the company’s stock, valued at approximately $337,552.18. This trade represents a 17.39% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Wayne O. Manuel sold 1,785 shares of Avista stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $38.74, for a total transaction of $69,150.90. Following the sale, the senior vice president owned 9,883 shares of the company’s stock, valued at approximately $382,867.42. The trade was a 15.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 4,108 shares of company stock valued at $162,278 in the last ninety days. Corporate insiders own 0.94% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Barclays began coverage on shares of Avista in a research report on Monday, March 9th. They set an “equal weight” rating and a $40.00 price target for the company. Jefferies Financial Group reduced their price objective on shares of Avista from $41.00 to $39.00 and set a “hold” rating for the company in a research note on Wednesday, January 28th. Wells Fargo & Company lowered their target price on shares of Avista from $38.00 to $37.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 20th. Weiss Ratings lowered shares of Avista from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, March 10th. Finally, KeyCorp reiterated a “sector weight” rating on shares of Avista in a report on Tuesday, January 27th. Five research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $39.50.

Avista Company Profile

Avista Corporation operates as an integrated energy company providing electric and natural gas delivery services to residential, commercial and industrial customers in the Pacific Northwest. Through its regulated utility operations, the company maintains and upgrades an extensive transmission and distribution network, delivering reliable energy to approximately 400,000 electric customers and 324,000 natural gas customers across Washington, Oregon and Idaho. In addition to its core utility business, Avista invests in owned generation assets, including hydroelectric, natural gas–fired, coal and wind facilities, to support system reliability and long-term supply planning.

Founded in 1889 as the Spokane and Inland Empire Water Power Company, the business adopted the Avista name in 1999 to reflect its growing energy portfolio and strategic focus on innovation.